CRITICAL ANALYSIS OF THE PRINCIPLE OF STRICT COMPLIANCE IN LETTER OF CREDIT OPERATION WITH RELATION TO THE UCP 600
One of the fundamental principles governing the Letter of Credit operation is the principle of strict compliance. The paper is based on the understanding of the â€œDoctrine of Strict Complianceâ€ within the context of UCP 600 in international trade. The objectives of this study are to (i) analysis the current status of principle of strict compliance in letter of credit system; (ii) identifying the implementation of the doctrine in International Trade; (iii) making an outline to develop a relation between the principle of strict compliance and UCP 600; (iv) and concluding the research by answering how the usage of UCP 600 makes soften the principle of strict compliance. The whole study of the paper focuses on how the implementation of UCP 600 softens the doctrine of strict compliance. The paper shall address the very basic characteristics of principle of strict compliance and shall find out how the application of the provisions of UCP 600 changes the characteristics of the doctrine. The outcome of the thesis will bring a proper understanding on how the doctrine of strict compliance has changed and reformed over the year of international trade practices and how UCP 600 re-shaped the basic structure of that doctrine.
Alan, Davidson. (2001). Commercial Laws in Conflict - An Application of the Autonomy Principle in Letters of Credit. 6 Int'l Trade & Bus. L. Ann.
Bal, Cigdem. (2010). Standards For Examining Documents Under A Letter Of Credit. URLhttp://www.mondaq.com/turkey/x/106764/Compliance/Standards+For+Examining+Documents+Under+A+Letter+Of+Credit+Beneficaries+Beware
Dole R.F., Jr., Applicant Ad Hoc Waiver of Discrepancies in the Documents Presented under Letters of Credit, 2006 Annual Survey of Letter of Credit Law & Practice Handbook, edited by James E. Byrne and Christopher S. Byrnes, The Institute of International Banking Law & Practice, Inc, at 99.
Ellinger E.P., The UCP-500: Considering a New Revision, 2006 Annual Survey of Letter of Credit Law & Practice Handbook, edited by James E.Byrne and Christopher S.Byrnes, The Institute of International Banking Law & Practice, Inc, at 109.
Kyle Roane (2004) Hanil Bank v. PT. Bank Negara Indonesia (Persero): Continuing the Quandary of Documentary Compliance under International Letters of Credit, Copyright (c) 2004 Houston Law Review, 31 Hous. L. Rev. 1053, 2006 Annual Survey of Letter of Credit Law & Practice Handbook, edited by James E.Byrne and Christopher S.Byrnes, The Institute of International Banking Law & Practice, Inc, at 146, citing Todd Conley and Steven C. Rattner.
Hashim, Rosmawani Che. (2013). Principle of strict Compliance in Letter of Credit (LC): Towards a proper standard of compliance. Cli Law: Legal Network Series.
Hamid, Abdul Ghafur. (2015). Chapter 4: Payment In International Trade. Unpublished Manuscript, International Islamic University of Malaysia.
Mehta, Ravi. (2007). Does UCP 600 soften or end the doctrine of strict compliance? LC VIEWS. Newsletter No. 101.
JOHNS, ROGER J. & BLODGETT, MARK S. (2011). Fairness at the Expense of Commercial Certainty: The International Emergence of Unconscionability and Illegality as Exceptions to the Independence Principle of Letters of Credit and Bank Guarantees. Northern Illinois University Law Review.
How to Cite
Copyrights for articles published in Journal of Asian and African Social Science and HumanitiesÂ are retained by the authors, with first publication rights granted to the journal. The journal/publisher is not responsible for subsequent uses of the work. It is the author's responsibility to bring an infringement action if so desired by the author.
Articles published inÂ Journal of Asian and African Social Science and HumanitiesÂ are published under the Creative Commons Attribution (CC-BY) license, which permits others to distribute, remix, tweak, and build upon your work as long as they credit you for the original creation.